Bitcoin can't be regulated, it's not country specific, and there is not centralized data store under any jurisdiction. A government can try and regulate a company that converts normal money into Bitcoins for you, but realistically you can simply walk up to anyone you know that has enough Bitcoins for your requirements, give them a wad of cash, and transfer them to your personal Bitcoin wallet without the use of a regulated 3rd party at all, and the government would be none the wiser.